Gold Near 5-Year Low as Investors Take First Net-Short Position
Are There Any Reasons to Own Gold?
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Gold traded near a five-year low as speculators were net-short the metal for the first time ever.
Bullion for immediate delivery slipped 0.4 percent to $1,094.92 an ounce at 2:35 p.m. in New York, according to Bloomberg generic pricing. The shift in New York gold futures and options came as speculators increased their bearish wagers to the highest since the U.S. government data begins in 2006.